Ramco-Gershenson Acquires the Second Phase of Metropolitan Milwaukee Shopping Center Anchored by Marshalls and Sports Authority

Ramco-Gershenson Acquires the Second Phase of Metropolitan Milwaukee
Shopping Center Anchored by Marshalls and Sports Authority
Business Wire
FARMINGTON HILLS, Mich. -- April 18, 2013
Ramco-Gershenson Properties Trust (NYSE:RPT) (“the Company”) today announced
that it has acquired a 106,000 square foot shopping center in Delafield
(Milwaukee), Wisconsin for $22.7 million, including the assumption of a $9.3
million mortgage loan with an interest rate of 5.8% maturing in 2026. The
property, which is the second phase of the Company’s Nagawaukee Center, is
anchored by a 38,000 square foot Marshalls and a 40,000 square foot Sports
Authority. Shop space at the center is leased to ten tenants, including
Applebee’s, FedEx Office, Five Guys Burgers and Fries, and Starbucks. The
Company has owned the first phase of Nagawaukee Center, anchored by an 81,000
square foot Kohl’s and a 60,000 square foot Sentry Market, since June 2012.
Ramco-Gershenson Acquires the Second Phase of Metropolitan Milwaukee Shopping
Center Anchored by Mar ...
Ramco-Gershenson Acquires the Second Phase of Metropolitan Milwaukee Shopping
Center Anchored by Marshalls and Sports Authority (Photo: Business Wire)
“Our acquisition of the second phase of the Nagawaukee Center is consistent
with our focus of acquiring high-quality shopping centers that are anchored by
best-in-class retailers in attractive markets,” said Dennis Gershenson,
President and Chief Executive Officer of Ramco-Gershenson. “The shopping
complex is a vibrant shopping destination that complements our portfolio of
dominant, multi-anchored properties.”
Nagawaukee Center is located at the northeast quadrant of Interstate 94 and
Highway 83 in Delafield, one of the most affluent suburbs of Milwaukee with an
average three-mile household income of $105,000 and an average five-mile
household income of $99,000.
About Ramco-Gershenson Properties Trust
Ramco-Gershenson Properties Trust (NYSE:RPT) is a fully integrated,
self-administered, publicly-traded real estate investment trust (REIT) based
in Farmington Hills, Michigan. The Company’s business is the ownership and
management of multi-anchor shopping centers in strategic metropolitan markets
throughout the Eastern, Midwestern and Central United States. At December 31,
2012, the Company owned interests in and managed a portfolio of 78 shopping
centers and one office building with approximately 15.0 million square feet of
gross leasable area owned by the Company or its joint ventures. The properties
are located in Michigan, Florida, Ohio, Georgia, Missouri, Colorado,
Wisconsin, Illinois, Indiana, New Jersey, Virginia, Maryland, and Tennessee.
At December 31, 2012, the Company’s core operating portfolio was 94.6% leased.
For additional information regarding Ramco-Gershenson Properties Trust visit
the Company's website at www.rgpt.com.
This press release may contain forward-looking statements that represent the
Company’s expectations and projections for the future. Management of
Ramco-Gershenson believes the expectations reflected in any forward-looking
statements made in this press release are based on reasonable assumptions.
Certain factors could occur that might cause actual results to vary, including
deterioration in national economic conditions, weakening of real estate
markets, decreases in the availability of credit, increases in interest rates,
adverse changes in the retail industry, our continuing ability to qualify as a
REIT and other factors discussed in the Company’s reports filed with the
Securities and Exchange Commission.
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Contact:
Ramco-Gershenson Properties Trust
Dawn Hendershot, 248-592-6202
Director of Investor Relations and Corporate Communications